The Schwab Transfer-on-death system completely bypasses probate and will transfer the contents of your Schwab account to up to 10 named beneficiaries upon your death. Account assets are divided up by percentages or fixed dollar amounts you assign.

It took 10 minutes online to set it up. Thai nationals are eligible as beneficiaries, and you can adjust the beneficiaries online anytime. If one doesn't have other assets in the USA, there may be no need for a will at all.

https://www.schwab.com/learn/story/are-your-beneficiaries-up-to-date

20 minutes ago, Wuvu2 said:

The Schwab Transfer-on-death system completely bypasses probate and will transfer the contents of your Schwab account to up to 10 named beneficiaries upon your death. Account assets are divided up by percentages or fixed dollar amounts you assign.

It took 10 minutes online to set it up. Thai nationals are eligible as beneficiaries, and you can adjust the beneficiaries online anytime. If one doesn't have other assets in the USA, there may be no need for a will at all.

https://www.schwab.com/learn/story/are-your-beneficiaries-up-to-date

Just remember, Schwab will likely want a death certificate, so if the only beneficiaries are in Thailand, that will require a little work.

Thanks for the info. My question is how to transfer from the US account to a Thai account? Can the shares be transferred direct or have to cash out and buy again with the Thai branch. Will have to research more but should be possible.

3 hours ago, walt1 said:

Thanks for the info. My question is how to transfer from the US account to a Thai account? Can the shares be transferred direct or have to cash out and buy again with the Thai branch. Will have to research more but should be possible.

Off the top of my head, I'd say the beneficiaries would be able to transfer the shares in the US account to a Schwab International account. No need to sell. There may also be tax issues to consider. In the US there's a tax provision that allows for a "stepped up basis" for assets held by a decedent at death. Anyway, that's all beyond the scope here, but needs to be considered.

Great info. Probably 5 years ago the online document didn't have the field for foreign beneficiaries if I remember correctly. Will post any details I find about the process, steps, and documents needed to complete the TOD.

1 hour ago, J Branche said:

Great info. Probably 5 years ago the online document didn't have the field for foreign beneficiaries if I remember correctly. Will post any details I find about the process, steps, and documents needed to complete the TOD.

Legal

You are right - the online form still does not allow for foreign contact information, but the only required fields are name and date of birth. Schwab account solutions 800 472 9813 is the team to call to add contact info for a foreign beneficiary. One of my American Beneficiaries will help my Thai Beneficiary, so I have not done that yet, and used the American's address for both contacts.

Please do advise of any new information you get about adding foreign beneficiaries.

Thanks!

Edited July 12Jul 12 by Wuvu2

If you have a schwab international account you are Not allowed beneficiaries on your normal brokerage accounts, only on ira accounts. Your international brokerage accounts at Schwab will have to go through probate. Even in a joint account my Thai wife will only receive 25 percent until the account clears probate.

I would recommend spending all before you clock out.